Barite Market – Overview
Barite, also known as baryte, is a milky white crystalline mineral that is primarily composed of barium sulfate. It has one of the highest specific gravities among all weighting agents. Barite is widely used as a weighting agent, filler agent, and extender. It is extensively employed in oil & gas, rubber, and plastics industries. It is also used in pharmaceutical applications such as production of barium meals for body tissue radiography. Barite is processed in various grades based upon specific gravity; these grades are used for different purposes.
Barite is available in various grades, namely Sp. Gr. 3.9, Sp. Gr. 4.0, Sp. Gr. 4.1, Sp. Gr. 4.2, and Sp. Gr. 4.3 & above. These grades vary in terms of purity of barite. Sp. Gr. 4.1 and Sp. Gr. 4.2 are also known as drilling grade barite. The American Petroleum Institute has regulated these grades and made it mandatory to use Sp. Gr. 4.1 and Sp. Gr. 4.2 for drilling mud applications in the oil & gas industry. However, filler application requires high grade barite; thus, Sp. Gr. 4.3 and above grades are largely preferred in the pharmaceuticals industry.
Barite is largely used as a weighting agent in drilling fluids. These drilling fluids are used in oil & gas drilling applications. Barite is also extensively employed as filler and extender in rubbers, plastics, paper, and pulp. It is also used as a precursor in the manufacture of barium chemicals such as barium carbonate. Barium derivatives are employed in LED applications in the electronics industry. Barium sulfate is also used in pharmaceutical applications such as barium meals; these meals are consumed prior to radiographic examinations such as x-rays and CT scans. Barium meal adheres to the soft tissue lining of the digestive tract, making it visible in various radiographs.
Based on region, the global barite market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In terms of demand, North America was the leading region of the global barite market in 2017. Significant rise in oil and gas production and increase in drilling rig count in the U.S. have been the key factors driving the demand for barite in the region since the last few years. Middle East & Africa is also one of the major consumers of barite, as it is the largest producer crude oil and natural gas in the world. Asia Pacific is also a prominent consumer of barite. Barite is largely used in paints, coatings, rubber, and plastics industries in the region. Barite is also employed in drilling mud application in Asia Pacific, especially ASEAN, due to the rise in production and exploration of oil and gas in the region.
The report analyzes and forecasts the market for barite at the global and regional levels. The market has been projected in terms of volume (tons) and revenue (US$ Mn) from 2018 to 2026. The study includes drivers and restraints of the global barite market. It also covers the impact of these drivers and restraints on demand for barite during the forecast period. The report also highlights opportunities for the barite market at the global and regional levels.
The report comprises a detailed value chain analysis, which provides a comprehensive view of the global barite market. Porter’s Five Forces model for the barite market has also been included to help understand the competition landscape of the market. The study encompasses market attractiveness analysis, wherein application segments have been benchmarked based on their market value, growth rate, and general attractiveness.